Lake County Gazette

A Freedom of Information Act request by the Lake County Gazette reveals that Rep. Mary Edly-Allen (D-Libertyville) has signed on to the Illinois General Assembly Retirement System despite problems with lack of funding.

That fund, commonly called GARS, is one of five state-run pension funds and it is the least funded. In 2018, GARS was just 15 percent funded, with assets of $54 million, and promised pension benefits in the range of $316 million. 

It is essentially bankrupt, and would have gone broke by the middle of 2021 if it were not for the annual infusions of state funding. Taxpayers contribute more than 200 percent of lawmaker salary each year to keep GARS running, which is far more than the other four funds, which require a range of 39 percent to 85 percent in contributions each year.

Critics have also called out legislators for their salary and pension benefits, which go beyond those of teachers, state workers and businesses in the private sector.

On top of the Illinois legislators’ salaries, lawmakers have several tiers of pension benefits that are quite generous. 

The first tier of benefits allows a legislator to get up to 85 percent of the salary earned on their last day of service – as the start of their pension benefit, and they can reach that maximum in 20 years. They can collect benefits at 55, with just eight years of service, which compares poorly with other retirement programs in the state.